Group 1 - Mingya Fund announced that its public funds can invest in stocks listed on the Beijing Stock Exchange (BSE), becoming the second fund company to do so in September, following Zheshang Fund [1][2] - As of the second quarter report, 30 public fund companies have announced the ability to invest in BSE-listed stocks, with early entrants generally having larger asset management scales compared to later entrants [1][2] - The investment in BSE stocks is highlighted due to the different risk characteristics compared to the Shanghai and Shenzhen markets, necessitating full disclosure to protect investors' rights [2][3] Group 2 - A total of 60 BSE stocks have been heavily weighted in actively managed funds, with Jinbo Biological, Naconoer, Tongli Co., and Better Ray being among the most frequently held stocks [2] - Smaller funds have benefited from heavy allocations in BSE stocks, with some non-BSE themed funds also prioritizing BSE stocks in their portfolios, leading to improved performance [4] - The revenue data for BSE-listed companies has improved, with total revenue reaching 92.064 billion yuan in the first half of the year, reflecting a year-on-year growth of 6.01% [5][6]

Group 1 - The Beijing Stock Exchange (BSE) will implement a new securities code system for existing listed companies starting from October 9, 2025, transitioning all stocks to the "920 new code" [1][2] - The introduction of the "920 new code" signifies BSE's independent market status as the third stock exchange in China, detaching from the previous codes used in the New Third Board [1] - The China Securities Regulatory Commission (CSRC) previously emphasized the need for an independent code segment to enhance stock identification for BSE [1] Group 2 - The "920 new code" functionality will be operational from April 22, 2024, allowing newly listed companies to select their securities codes through a lottery or direct selection [2] - A total of 248 existing listed companies will have their codes reserved as part of the transition process [2] - Wanda Bearings became the first company to be listed under the "920 new code" on May 30, 2024 [2]

Core Viewpoint - The Beijing Stock Exchange (BSE) will switch to a new securities code (920) for all existing stocks starting October 9, 2025, enhancing its market identity and independence from the New Third Board [1][3][4]. Group 1: Code Transition Announcement - The BSE announced the readiness for the transition of existing stock codes, which will take effect on October 9, 2025, requiring all trading and business operations to utilize the new codes [3][4]. - The transition to the 920 code signifies the BSE's unique market identity and aims to improve the overall image and brand recognition of the exchange [1][3]. Group 2: Implementation Timeline - The transition process has been in preparation for nearly two years, with the initial proposal for independent code segments made by the China Securities Regulatory Commission (CSRC) in September 2023 [2][3]. - The 920 code was first introduced for new listings on April 22, 2024, with a structured approach to ensure continuity for existing companies during the transition [4]. Group 3: Impact on Investors - The switch to the new code will not affect the continuity of the company's identity, investor rights, or related business operations [6]. - Investors will see their holdings transition to the new code while retaining all other relevant information, with trading platforms required to support transactions under the new code from the effective date [6][7].

Core Viewpoint - The Beijing Stock Exchange (BSE) will switch to a new securities code (920) for all existing stocks starting from October 9, 2025, enhancing its market identity and independence from the New Third Board [1][3][4]. Group 1: Code Switching Announcement - The BSE announced that the code switching for existing listed companies is ready, and the new securities code will be used for trading, market inquiries, and business handling [3]. - The transition to the 920 code signifies a new identity for the BSE, improving its overall image and brand recognition [1][4]. Group 2: Implementation Timeline - The process of changing codes has been in preparation for nearly two years, with the 920 code functionality launched for new listings on April 22, 2024 [2][4]. - The BSE will ensure a smooth transition by reserving securities codes for existing companies, maintaining continuity in trading and business operations [4]. Group 3: Impact on Investors - The switch to the new code will not affect the continuity of the company's identity, investor rights, or related business operations [6]. - Investors' holdings will automatically transition to the new code, with all relevant information remaining unchanged except for the securities code [6][7]. - Brokerage firms are required to support trading with both old and new codes and ensure that clients can access complete trading records [7].

Core Viewpoint - The Beijing Stock Exchange (BSE) has announced the completion of preparations for the stock code switching of existing listed companies, which will take effect on October 9, 2025, marking a significant adjustment in the market's foundational system and reinforcing BSE's independent status as China's third-largest stock exchange [1] Group 1: Code Switching Process - The code switching initiative began on November 17, 2023, to implement the China Securities Regulatory Commission's "Deep Reform 19 Articles" and aimed to standardize the stock codes to the "920 code segment" [2] - The BSE adopted a phased approach, first switching new listings to the "920 code" on April 22, 2024, with the first stock, Wanda Bearing, listed under this new code shortly thereafter [2] - A total of six pilot stocks were selected for the code switch, chosen for their long listing history and high market recognition, ensuring efficient switching without triggering adjustment mechanisms [2] Group 2: Testing and Implementation - The BSE conducted extensive network testing, with four tests carried out in April 2025, involving various market participants to ensure smooth participation in the BSE [3] - The testing covered the entire business chain, facilitating a seamless transition for institutional investors to engage with the BSE [3] Group 3: Market Identity and Valuation System - The introduction of the "920 code" will create a distinct three-digit code structure among China's stock exchanges, enhancing BSE's market identity [4] - Experts highlight that the new code signifies a critical milestone in BSE's market development, improving the recognition of listed companies and aiding investors in making informed decisions [4] - The transition from "New Third Board" to "BSE listed companies" will further reshape the valuation system, with the "920 code" serving as a unique identifier [5] Group 4: Market Performance - The recognition of new stocks on the BSE has been increasing, with average first-day price changes of 218% in 2024 and 268% in 2025 [5] - As of April 2025, 58.11% of BSE-listed companies are classified as specialized, refined, distinctive, and innovative "little giants," with 69.57% of new listings in 2024 falling into this category [5]